SSI [BUY +37.1%] - SSI forecast bakes in market turnover rebound in 2020 - Update
  • 2019-09-05T18:48:46
  • Company Research
We trim our target price by 5.7% to VND28,200 as we cut our aggregate net income forecast for 2019-2023 by 3%. We maintain a BUY rating as the share price remains depressed due to general negative sentiment arising from a 29% YoY drop in average trading turnover in H1 2019. Our aggregate 2019F-23F net income decreases mainly due to our downward revision in our 2019F brokerage income base.